AUD/USD consolidates near 0.7050 ahead of RBA decision
The Australian dollar held above 0.7050 against the US dollar, near its June 16 peak, as markets looked ahead to the Reserve Bank of Australia meeting.
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AUD/USD entered a bullish consolidation phase at the start of the new week, holding above the 0.7050 level. The pair is trading just below the June 16 high as traders move to the sidelines before the crucial RBA policy meeting.
Market participants are pricing in a chance of a rate hike, which has supported the Aussie in recent sessions. The consolidation suggests that further upside may depend on the RBA's forward guidance.
A hawkish tone could push the pair through resistance, while a dovish outcome might trigger a pullback.
Source: FXStreet Forex News